- Spell Token: A Quick Overview
- Spell Token Functionality and Module
- Spell Token Price Prediction: Price History And Technical Analysis
- Spell Token Price Prediction: From Industry Influencers
- Is Spell Token A Good Investment? When Should You Buy?
- Conclusion
SPELL is the native token of Abracadabra protocol. Let’s know why our Spell token price prediction looks optimistic and profitable for the future.
According to our Spell token price prediction, it is one of the most promising cryptocurrencies to rise this year. Furthermore, our spell token price prediction elaborates why this coin can bring a wave to your portfolio in the future.
Spell Token: A Quick Overview
Spell Token (SPELL) is the native staking and governance token of cross-blockchain lending platform Abracadabra Money. The Abracadabra protocol provides a DeFi solution to modern problems. Therefore, spell token is the solution to its competitors’ deficiencies. Basically, Abracadabra, the DeFi lending project, allows its users to deposit collateral in exchange for its stablecoin, $MIM (Magic Internet Money). Once MIM gets deposited in the wallet, one can exchange it for other stablecoins or cryptocurrencies where MIM is welcomed.
The Spell token uses three different tokens, yvWETH, yvUSDC, and xSUSHI, to lend money in Abracadabra. The tokens are used on the Ethereum platform, and they have various benefits once staked.
The project was developed and founded by Daniele Sesta, who is also responsible for Popsicle Finance (decentralized market maker) and Wonderland (OlympusDAO fork), both on the Avalanche chain. Alongside, 0xMerlin and Squirrel are the co-founders of Abracadabra, who control and regulate the platform, and they are members of the “frog nation” community. First, let’s take a look at the Spell token’s current details.
| Cryptocurrency | Spell Token |
| Ticker Symbol | SPELL |
| Market Cap | $142,184,396 |
| 24 Hour Change | +7.18% |
| All-time High | $0.07515 |
| All-time Low | $0.0005916 |
| Total Supply | 103,214,939,480 SPELL |
Spell Token Functionality and Module
Once invested in the Spell token, you acquire the voting rights resulting in a role in governance. The more SPELL tokens you have, the more you will have priority in decisions. The users can also earn passive income through a percentage of trading fees.
The Spell token facilitates governance on the Abracadabra crypto platform and has a total supply of 210 billion, distributed as follows:
- Global farming incentives (63%): These tokens are utilized to incentivize particular LP pairs and mining programs. This targeted distribution guarantees adequate liquidity across markets on the platform.
- Team allocation (30%): These tokens have been retained for founding team members.
- IDO (7%): The initial supply of Spell tokens was distributed to early project supporters via an Initial DEX Offering (IDO).
Renting liquidity from providers in exchange for SPELL bribes long enough, and a day will come when those providers find better rewards elsewhere. Abracadabra’s total value locked will dwindle when that day arrives. To solve this, Abracadabra money partnered with Olympus DAO to take control of its liquidity. Protocol-owned liquidities allow protocols like Abracadabra to focus on delivering better products without worrying about their liquidity seeping away.
Spell Token is planning to follow a ten-year halving model, which will reduce the rewards in half, distributed yearly. As a result, 50% of tokens are to be issued in the first year, 25% in the second, and 12.5% in the third and fourth years, respectively, and each week, 624 million spell tokens are supplied.
Spell Token Price Prediction: Price History And Technical Analysis
According to our Spell Token price prediction, the performance of the spell token is satisfactory, and it has seen a tremendous rise since its launch in August 2021.
Looking at the Spell token price history, it began at a price of $0.000621 on 17 August 2021, and the Spell token has risen to the heights of $0.033327 on 1 November 2021.
The Spell Token is currently trading near $0.00126 with a market cap of $142,184,396, and it is presently ranked 159th in terms of market cap. Spell token’s price is below its 100-day Moving Average and above its 50-day Moving Average. According to our Spell token price prediction, the coin looks like it will gain some bullish momentum in the next few days. The Bollinger Band’s upper limit is $0.003, a solid resistance to the Spell token’s price. If the resistance level breaks, we can see a price up to $0.007. Conversely, The Bollinger Band’s lower limit is $0.0005. Below this support level, the price can fall up to $0.0002.
Our Spell Token price prediction indicates a strong bullish movement soon. RSI and MACD are in the positive territory so we can see a price of $0.002 by the end of the month.
By the end of 2022, the spell token’s average price can be near $0.003. Spell is always good at making and implementing spells to develop its infrastructure. The spell token is predicted to reach $0.007 in 2025, and it can skyrocket to $0.01 in 2030.
Spell Token Price Prediction: From Industry Influencers
According to Wallet Investor’s spell token price prediction, Spell can be a bad, high-risk 1-year investment option. Spell Token price equal to 0.00148 USD on 2022-08-10, but your current investment may be devalued in the future.
Trading Beast’s spell token price prediction says that Spell will experience a 47% increase by the end of August 2022, but the coin will devalue by the end of 2022 by 5.46%. As a result, they predict the currency will have an average price of $0.00159, with a maximum price of $0.00198.
Is Spell Token A Good Investment? When Should You Buy?
Our Spell token price prediction says that Spell can be a good investment opportunity for traders and investors. Spell has given tremendous profit in the past, and its future looks promising. A price of $0.001 can be a good entry point.
Conclusion
Our Spell token price prediction says this token has excellent potential in the future, and we may see the coin crossing $1 in the future soon if the market is favorable. It is also important to know that the Spell token is now popular due to its continuous price actions. The coin has also made its way to many trending sections of most crypto sites. The token can turn out to be king in the future, but you should research before investing in the market’s high volatility.
